CHAPTER 11: K-V Pharmaceutical Co. filed for Chapter 11 bankruptcy protection Saturday, saying weak sales of its preterm birth drug Makena and regulatory sanctions are hurting its business.
REORGANIZING: The St. Louis company plans to stay in business and needs to restructure its financial obligations. Sales of the costly drug Makena are being hurt by cheaper generic versions, and K-V still owes a milestone payment to a partner. Sanctions related to drug recalls in 2008 and 2009 are also hurting its business.
THE SHARES: K-V shares are no longer trading on the New York Stock Exchange.